Cardano Price Analysis: ADA Bulls Battle to Maintain Above $1, Will it Hold?

ADA/USD – ADA Rebounds Back Toward 200-day MA

Key Support Levels: $1.13, $1.10, $1.05.
Key Resistance Levels: $1.16, $1.20, $1.28.

The BTC price drop beneath $30K yesterday caused had many altcoins to follow suit. During the decline, ADA dropped below the 200-day MA and eventually broke beneath the descending price channel that it was trading within.

It continued to decline and reached as low as $1 before rebounding to close the daily candle at around $1.05.

Today, ADA surged by a strong 12% as it pushed upward from $1.05, reaching as high as $1.18. It is now back above the 200-day MA and is battling the upper angle of the previous descending price channel it was trading inside.

adausd-jul21-min
ADA/USD Daily Chart. Source: TradingView.

ADA-USD Short Term Price Prediction

Looking ahead, if the bulls can break beyond $1.16 to penetrate the price channel, the first resistance lies at $1.20. This is followed by $1.28 (20-day MA), $1.30, and $1.40 (50-day MA).

On the other side, the first support lies around $1.13 (200-day MA). This is followed by $1.10, $1.05, and $1.00.

The RSI is in bearish territory but is pointing upward, indicating the bearish momentum might be fading.

ADA/BTC – ADA Continues To Trade Inside Price Channel

Key Support Levels: 3600 SAT, 3540 SAT, 3440 SAT.
Key Resistance Levels: 3700 SAT, 3900 SAT, 4000 SAT.

ADA remains within the price channel it has been trading in since the first week of July. The coin did drop below the 100-day MA at 3600 SAT yesterday to as low as 3440 SAT.

There, it found support at a .5 Fib and rebounded to close the daily candle inside the price channel at 3540 SAT, the June low-day closing price. Today, ADA pushed higher and is now testing the upper angle of the price channel around 37000 SAT.

adabtc-jul21-min
ADA/BTC Daily Chart. Source: TradingView.

ADA-BTC Short Term Price Prediction

Moving forward, if the bulls break the price channel at 3700 SAT, the first resistance lies at 3820 SAT – late June support. This is followed by 3900 SAT (20-day MA) and 4000 SAT (50-day MA).

On the other side, the first support lies at 3600 SAT (100-day MA). This is followed by 3540 SAT and 3440 SAT (.5 Fib).

Again the RSI is in the bearish favor, but the recent uptick could suggest diminishing bearish momentum.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Read More

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *